Oil exports

LONDON: OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut, a Reuters survey found, although Nigeria and Iraq are laggards in making their share of the reduction.On average, the 13-member Organization of the Petroleum Exporting Countries pumped 24.77 million barrels per day (bpd) this month, the survey found, down 5.91 million bpd from April's revised figure.OPEC and its allies last month agreed to an output cut to offset a slump in demand and prices caused by the coronavirus crisis. An easing of government lockdowns and lower supply have helped oil prices more than double compared with a 21-year low below $16 a barrel in April. "OPEC has made a strong start in May with its latest production cut, lowering supply by 5 million bpd versus April," Daniel Gerber, chief executive of Petro-Logistics, which assesses OPEC supply by tracking tanker shipments, told Reuters."However, compliance is far from perfect. With … [Read more...] about OPEC delivers three quarters of record oil cut in May: survey

LONDON: OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut, a Reuters survey found, although Nigeria and Iraq are laggards in making their share of the reduction.On average, the 13-member Organization of the Petroleum Exporting Countries pumped 24.77 million barrels per day (bpd) this month, the survey found, down 5.91 million bpd from April's revised figure.OPEC and its allies last month agreed to an output cut to offset a slump in demand and prices caused by the coronavirus crisis. An easing of government lockdowns and lower supply have helped oil prices more than double compared with a 21-year low below $16 a barrel in April. "OPEC has made a strong start in May with its latest production cut, lowering supply by 5 million bpd versus April," Daniel Gerber, chief executive of Petro-Logistics, which assesses OPEC supply by tracking tanker shipments, told Reuters."However, compliance is far from perfect. With … [Read more...] about OPEC delivers three quarters of record oil cut in May

LONDON: Oil prices were dragged sharply lower on Friday by weak US fuel demand, fears of a second wave of coronavirus cases in South Korea and a worsening in US-China relations, but were still on track for a hefty monthly gain. July Brent crude fell $1.16, or 3.3 per cent, to $34.13 a barrel by 0927 GMT while the more active August contract fell $1.11, or 3.1 per cent, to $34.92. US West Texas Intermediate (WTI) crude was down $1.28, or 3.8 per cent, at $32.43. Both contracts were on course for their first weekly loss after for consecutive weeks of gains that leave them set for the biggest monthly gains in years thanks to production cuts and optimism over Chinese-led demand recovery, analysts said. WTI is on track for a record monthly gain of 72 per cent in May, with Brent set for a 35 per cent increase that would represent its strongest monthly rise since March 1999. "The global reaction to China's move to propose new security laws for Hong Kong continues to increase, while … [Read more...] about Crude oil prices fall but remains set for biggest monthly gain in years

Globally power transmission tenders are being delayed and this will have an impact on the exports business, Manish Agarwal, Chief Executive Officer at Delhi-based Sterlite Power Solutions, one of the four business divisions of the Rs 3,571 crore transmission company Sterlite Power, tells ETEnergyworld in an exclusive interview. Edited excerpts..What has been the impact on your business operations as a result of the Coronavirus outbreak?All businesses have been impacted by the Covid 19 outbreak and we are no exception. Due to the lockdown, our project sites and manufacturing plants were not fully operational. Migration of labour has been challenging with many workers travelling back to their homes. Inter-district movement restrictions also impacted availability of labour. Factory utilisation is at 33 per cent which will mean lower volumes of production this quarter. Even at project sites, we are working with nearly half the workforce on most projects. However, with gradual relaxations … [Read more...] about We are seeing slower revenue, logistics issues: Manish Agarwal, CEO, Sterlite Power Solutions